Page 515 - Business Finance
Indiabulls Real Estate Ltd Spurts 1.8%
Indiabulls Real Estate Ltd has added 19.31% over last one month compared to 0.36% fall in S&P BSE Realty Index index and 1.56% rise in the SENSEX
Biocon gains as board to mull bonus issue
Biocon rose 1.48% to Rs 616.75 at 9:23 IST on BSE after the company said it board will consider issuing bonus shares at its meeting scheduled on 25 April 2019.
Market drifts higher in early trade
Local stocks nudged higher in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 180.17 points or 0.47% at 38,825.35. The Nifty 50 index was up 42.50 points or 0.37% at 11,636.95.
Equity indices open in green, Sensex up 100 points
The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex trading 100 points higher than its previous close.
Essel Propack in spotlight as Blackstone to buy majority stake
Essel Propack will be watched. Blackstone announced that private equity funds managed by Blackstone have entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack ("EPL"), a leading global specialty packaging company and the largest global manufacturer of laminated tubes. Ashok Goel Trust and its affiliates currently hold about 57% of EPL. Blackstone will pay a purchase price of Rs 134 per share to acquire a 51% shareholding from Ashok Goel Trust. As per the Takeover Code in India, this transaction will trigger a mandatory open offer for a purchase of additional 26% shares of the company and the acquiring entity has released a public announcement to the stock exchanges. The open offer price has been fixed at Rs 139.19 per share. Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million - $462 million). Ashok Goel will retain a minority stake ..
Market may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.
Dollar dips slightly
The US dollar dipped slightly against its major rivals in holiday-impacted trading on Monday.
Digital infra will revive Indian economy, says Nilekani
Digital infrastructure would play a major role in reviving the Indian economy, Infosys Co-founder and Chairman Nandan Nilekani said on Monday.
Air passenger traffic rises mere 0.1% in March
High air fares and capacity constraints slowed India's domestic air passenger traffic growth rate in March, official data showed on Monday.
Solar power firm found evading tax of over Rs 1,350 cr
A search and seizure action undertaken on a solar power firm has led to the detection of tax evasion of more than Rs 1,350 crore, the Central Board of Direct Taxes (CBDT) said on Monday.The Delhi unit of the Directorate General of Income-Tax (Investigation) initiated search and seizure action on the group in NCR, Bhopal, Indore, and Goa, based on credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back.During the search, the CBDT, in a statement issued on Monday, said that a maze of shell companies used as mere conduits for providing entries to the group were detected, and accommodation entries in the garb of bogus unsecured loans/share application money to the tune of Rs 370 crore were found.CBDT mentioned that evidence of inflation of expenses through bogus billing to the tune of around Rs 330 crore was detected in the case of a power plant of the said group. The money siphoned off was collected in USD through hawala operators, .
McLeod to sell 3 Assam tea gardens for over Rs 150 cr
Bulk tea producer, McLeod Russel on Monday said it has executed an agreement with Luxmi Tea Company for sale of three of its tea gardens in Assam at an estimated consideration over Rs 150 crore.
Huawei shipped 59 million smartphones in Q1, 2019 as revenue grows to USD 27 billion
Huawei announced its earnings for Q1, 2019, observing a revenue of USD 27 billion (179.7 billion CNY), an increase of 39 per cent year-on-year.In its official press release, the company revealed that it shipped 59 million smartphones, whereas other segments including PCs, wearables, and smart home, also witnessed an uptick in growth in global markets.Huawei's net profit margin in Q1 2019 was about 8 per cent, slightly higher than in the same period last year. The company also detailed its 5G progress, saying it shipped more than 70,000 5G base stations to markets around the world and signed 40 commercial contracts for 5G with leading global carriers.
India may face short-term pressure after US action
India may increase import of oil from Brazil, Mexico and a few African countries to offset loss of Iranian oil in the wake of US decision that five major countries, including India, will no longer be exempt from penalties if they continue to import Iranian oil and their sanctions waivers would expire on May 2.
FIEO inks pact with Welingkar Institute of Management to support startups in exports
Exporters' body FIEO Monday said it has inked an agreement with Mumbai-based Prin. L N Welingkar Institute of Management Development and Research to support startups engaged in the export sector. Under the memorandum of understanding signed with the institute, the Federation of Indian Export Organisations (FIEO) has launched a post graduate programme in foreign trade management (PGP-FTM) at Mumbai. The move is aimed at attracting "new entrepreneurs in exports and bridge the gap of availability of qualified skilled manpower in Exim trade," FIEO said in statement. "The MoU, an industry-academia partnership, aims to jointly develop and deliver the post graduate programme in foreign trade management which shall endeavour to develop the human capital for meeting the growing demand in international trade ecosystem," it said. The programme will broadly encompass the general management principles, export import procedures, and international marketing concepts. The duration of the programme ...
Government to repay fiscal's 1st sovereign debt on June 3
The redemption of the governments sovereign debt has started as the Finance Ministry on Monday said the outstanding balance under 7.28 per cent GS 2019 bonds will be repayable on the effective date of repayment on June 3.
IBC implementation to get more seamless in one year: Sahoo
Implementation of the Insolvency and Bankruptcy Code (IBC) is likely to become more seamless in the next one year, a top official said on Monday. Issues like efficiency of insolvency resolution and the liquidation framework for corporates, individual and partnership firms are likely to a go through a relook, Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo said. Sahoo said some of the changes in the code can be expected by April next year. The corporate affairs ministry and the IBBI have invited comments from stakeholders for their views on a number of issues concerning the IBC. The ministry has invited comments till May 7, 2019. "It is like crowd sourcing of ideas. All comments... will be considered together. The regulations are expected by March end, so that the people know that a new law is coming by April," Sahoo said on the sidelines of a Merchants' Chamber of Commerce event. Some of the main topics that will come up for discussion in the next ..
GAIL highest bidder for IL&FS' wind assets portfolio
In a major step in the resolution process of the Infrastructure Leasing and Financial Services (IL&FS) group being undertaken by the new board, stare-run gas transportation company GAIL (India) is likely to buy 7 operating wind power plants of the debt-ridden group for a consideration of Rs 4,800 crore.
Tejas Networks Q4 net profit up 9.2% at Rs 35.89 crore
Domestic telecom gear maker Tejas Networks posted 9.2 per cent increase in consolidated net profit for January-March 2019 quarter at Rs 35.89 crore on account of sales growth in international business and to local private sector players. The company had posted a net profit of Rs 32.84 crore in the year-ago period. The company's total income for the quarter ended March jumped to Rs 280 crore from Rs 112.19 crore in the corresponding quarter of the previous fiscal. For the year ended March 31, 2019, Tejas Networks posted 38 per cent increase in consolidated net profit at Rs 147.24 crore as compared with Rs 106.32 crore in 2017-18. "We witnessed high fluctuation in quarter-on-quarter business. However, the performance was extremely satisfying in the fourth quarter and the year overall. It was mainly on account of international sales going up by 70 per cent and non-government revenue increasing by 33 per cent on year-on-year basis," Tejas Networks Managing Director and CEO Sanjay Nayak ...
Jet employees' union opposes allocation of slots to other airlines
A Jet Airways employees' union has asked aviation regulator DGCA to stop allocation of the airline's slots to other carriers till the bidding process for stake sale is complete. The All India Jet Airways Technicians Association (AIJATA) also cautioned that in case the allocation is not stopped, it would be forced to resort to legal means for a resolution. Cash-starved Jet Airways suspended operations last week and the authorities are in the process of allocating the airport slots vacated by the carrier to other airlines, amid efforts to increase capacity to meet peak season traffic. Jet Airways' lenders have invited bids for selling stake in the ailing airline and the final bidders are likely to be known by second week of May. SBI is the lead lender. In a communication to the Directorate General of Civil Aviation (DGCA), the grouping has requested the regulator to immediately pause the slot allocation process till the bidding process is complete and to protect the value of the ...
Man jumps in front of train at Delhi's Mandi House metro station
A man allegedly jumped in front of a moving train at the Mandi House metro station on Monday evening, leading to a delay in services on the Blue Line, Delhi Metro Rail Corporation officials said. The train was headed towards Vaishali when the man jumped in front of it at around 8.30 pm. He was rushed to a nearby hospital, they said. Further details are awaited.